There's a difference between not telling markets your next move and not telling them how you make decisions at all. Kevin Warsh, at his first meeting as Fed chair, did both. Warsh got high marks for planting a flag on the Fed's 2% inflation target and for shearing the policy statement of jargon that had become a recitation of the obvious. But he also stretched his objection to forward guidance into something broader, using it to sidestep questions about how the committee reasons toward a decision. "It matters to have some sense of how this committee is thinking about how it goes about conducting this business," said JPMorgan's Michael Feroli.(Nick Timiraos)